He told the Today programme: “It’s a pleasing set of results against a difficult market backdrop, largely driven by the acquisition synergies from the Argos business.”

Julie Palmer, partner at Begbies Traynor, said: “The purchase of Argos has been a well-crafted tactical decision to draw greater footfall into its stores and reduce cost savings measures, with 90 Argos units expected to be opened in stores this financial year.

“It has also looked to ward off the threat of the discounters by cutting its prices.

“However, there is still uncertainty around its merger with Asda, with the regulators yet to give the thumbs-up to the deal.

“That, coupled with Amazon’s acquisition of Whole Foods offering a new online competitor, [means] Sainsbury’s cannot rest on its laurels and must continue to innovate and adapt to the needs of its customers.”